Term
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Definition
| During the summer months a student spends $300 on trips, was given $400 from a grandparent, paid $200 in gas, spent $175 dining out, and earned $3,200 at their summer job. What are this student's total expenses? |
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Term
| Income $1,800 Expenses $800 Net Gain $1,000 |
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Definition
| During this month Melissa earned $500 in tips, spent $250 on food, paid rent of $350, spent $100 on utilities, received a gift of $300, made $1,000 in wages, and spent $100 on gas. Which is an accurate summary of Melissa's income, expenses, and net gain/loss? |
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Term
| Income $1,800 Expenses $800 Net Gain $1,000 |
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Definition
| During this month Melissa earned $500 in tips, spent $250 on food, paid rent of $350, spent $100 on utilities, received a gift of $300, made $1,000 in wages, and spent $100 on gas. Which is an accurate summary of Melissa's income, expenses, and net gain/loss? |
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Term
| Make realistic estimates for income and expenses |
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Definition
| If an engineer set up a weekly spending plan and had columns reserved in a spreadsheet for income and expense items, which step of the spending plan process will need to be done next? |
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Term
| Evaluate how well the spending plan is working |
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Definition
| If a teenager used the envelope system to track their income and expenditures as a class project, what is the next step in the spending plan process? |
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Term
| Organize recordkeeping format |
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Definition
| After Amanda pledged to give $300 by the holiday season to her local food bank, what step in the spending plan process is next for Amanda? |
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Term
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Definition
| If a student has $1,000 in savings, how should they record it on their balance sheet? |
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Term
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Definition
| How is a debt to a relative recorded on a balance sheet? |
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Term
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Definition
| When the club finishes listing their goals and needs for the year to determine the account's net worth, they should then prepare what? |
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Term
| Craig paid more for his stocks with a lower ris |
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Definition
| After Amy purchased penny stocks and Craig blue chip stocks, which of the following is true. |
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Term
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Definition
| If a student calculated taking 30 years to double money they invested in a savings fund, what rule for saving/investing does this best represent? |
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Term
| People save so they can pay for unexpected expenses, investment is for profit |
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Definition
| How are savings and investments different? |
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Term
| Both may be used to help meet financial goals |
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Definition
| What are common to saving and investing? |
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Term
| Both are good ways to prepare for future goals |
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Definition
| What do savings and investing have in common? |
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